The offer is only good for those new to Verizon, and they must sign a two-year contract. Existing customers looking to upgrade will have to cough up $199.99 for the smartphone.

Verizon sold has sold 260,000 of the Thunderbolt since it launched on March 17, president and CEO of Verizon Telecom and Business Fran Shammo said in a Thursday earnings call. The company has also sold another 250,000 4G LTE Internet devices, Shammo also said.